Types of Credit Cards

What are the Different Types of Credit Cards?

India has several different lenders who offer credit cards and different categories of credit cards offered. However, a few of the categories have emerged to be popular and common categories of credit cards. Read below to learn about the most common credit card types in India.

• Fuel Credit Cards

• Credit Cards for Women

• Contactless Credit Cards

• Travel Credit Cards

• Co-branded Credit Cards

• Cashback Credit Cards

• Entertainment Credit Cards

• Business Credit Cards

• Lifestyle Credit Cards

• Premium/Signature Credit Cards

1. Travel Credit Card

Earn redeemable reward points, complimentary access to VIP Airport Lounges,  and discounts on airline, bus, and rail tickets with a travel credit card.

• JetPrivilege IndusInd Bank Voyage Visa Credit Card

• Air India SBI Platinum Credit Card

2. Fuel Credit Card

You can reduce your total transportation costs by saving on your fuel expenses throughout the year with a fuel credit card and getting fuel surcharge waivers.

• IndianOil Citibank Titanium Credit Card

• BPCL SBI Card Octane

• HDFC Bharat Cashback Credit Card

3. Rewards Credit Card

Earn accelerated and redeemable reward points to enjoy discounts on specific transactions or purchases.

• Standard Chartered Platinum Rewards Credit Card

4. Shopping Credit Card

Get cashback and discount vouchers by shopping at our online and offline partner stores with shopping credit cards.

• Flipkart Axis Bank Credit Card

• HSBC Cashback Credit Card

• SBI SimplyCLICK Credit Card

5. Business Credit Card

Business credit cards are helpful in meeting expenditures in order to expand or grow the business. Some of the best business credit cards in India include:

• ICICI Bank Business Advantage Black Credit Card

• HDFC Business MoneyBack Credit Card

• Axis Bank My Business Credit Card

 6. Student Credit Card

Targeted at college students, student credit cards are an ideal tool for meeting college-related expenditures. Students above the age of 18 years can apply for these kinds of credit cards and enjoy features such as rewards, interest-free periods, and immense discounts. Some of the best student credit cards in India are:

• SBI Student Plus Advantage Credit Card

• ICICI Coral Contactless Credit Card

• Kotak 811 Credit Card

 7. Cashback Credit Card

Cashback credit cards offer cash back ranging from 5-20% on transactions made through the credit card. These cards usually offer fuel surcharge waivers, rewards, reversal of annual fees, etc. Some of the best cashback credit cards in India are:

• Axis Bank ACE Credit Card

• HDFC Millennia Credit Card

• Standard Chartered Super Value Titanium Card

 8. Lifestyle Credit Card

The benefits of lifestyle credit cards are curated to ensure maximum savings while using these credit cards. These cards usually offer rewards, discounts, and other benefits for shopping, dining, and even travelling. Some of the best lifestyle credit cards in India are:

• Kotak Bank PVR Platinum Credit Card

• HDFC Regalia First Credit Card

• Axis Bank Privilege Credit Card

 9. Entertainment Credit Card

Entertainment credit cards are best used for availing discounts, rewards, and other benefits on movies, dining, golf, or even travel. Some of the best entertainment credit cards in India are:

• Kotak PVR Platinum Credit Card

• HDFC Titanium Times Credit Card

• Kotak PVR Gold Credit Card

 10. Shopping Credit Card

Get cashback and discount vouchers by shopping at our online and offline partner stores with shopping credit cards.

How to Choose the Right Type of Credit Card?

Follow these steps to find the best credit card suited for you:

 1. Check Your Credit

Find out what credit card type you might be eligible for by checking your credit score. The better your score, the greater your chance of being approved for cards with better perks. You can successfully increase your credit score by ensuring that you lower your credit utilisation and by making your bill payments on time.

 2. Goals

What do you wish to accomplish by owning a credit card? Do you wish to build up a great credit history or own a card that offers amazing travel perks? Answers to such basic questions will help determine which is the best-suited card available for you amongst the various types of credit cards in India

 3. Debt

Have you accumulated high-interest credit card debt or other debts? In that case, to consolidate your debts during an introductory period, you may want to consider a balance transfer credit card. Alternatively, if you are free of any debt, you can consider other credit card benefits offered on credit cards like reward points, vouchers, or cash back.

 4. Rewards Program

If your primary goal is to enjoy reward points on your credit card, then try and focus on researching for cards that offer the best reward programs. That could include cash back, travel rewards, or credit card points you can convert to air miles or use for hotel bookings. It is, however, important to note that whichever card you go for, it's best to choose one that lets you earn rewards where you currently spend the most.

 5. Fees and Charges

Narrow your choices by comparing different types of credit cards in terms of their fees and carrying costs. A credit card's interest rate isn't the only thing you should take into consideration. You should also watch out for application fees, annual fees, late fees, and any other fees you may incur.